The last few days of the passing decade have not been good news for crypto holders. Bitcoin (BTC) is still down by almost 50 percent from its yearly high. Has it reach the bottom yet?
Reaccumulation of the Bull Market
Well known crypto analyst and blockchain researcher Willy Woo shared his opinion on the actual phase of Bitcoin's market progress. Mr. Woo insists that the price has already turned bullish, but it has only entered the reaccumulation stage of the market.
Are we in a $BTC bear market?
— Willy Woo (@woonomic) December 28, 2019
No, we are in the re-accumulation phase of a bull market. pic.twitter.com/OcMyxA4EIY
This assumption immediately enraged several individuals, causing a steady stream of rage-filled criticisms in the comments section. However, Willy Woo's opinion received support from another experienced trader named Crypto Birb:
Glad we are on the same page. Post anything bullish and people get triggered
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Based on such previous statements, we can conclude that there is a class of traders who remain extremely bullish despite the current market decline.
One More Approach
Apart from Mr. Woo's opinion, there is another approach towards the reaccumulation stage of the crypto trading market. Tuur Demeester, a business cycle expert and partner of Adamant Capital, explained that the true bottom will only be reached after the reaccumulation stage and not before it.
This stage will occur when there will are "no traders left to sell the asset". The result will be Bitcoin declining in price to possibly $5,000 as predicted by Mr. Demeester.
Let's try to predict which price will be the lowest for BTC before the halving event? $5,000 or $3,000? Write in the Comments Section!
Dan Burgin
Vladislav Sopov
U.Today Editorial Team